TriOptima launches UTI pairing functionality for OTC derivative trades to meet EMIR trade reporting obligations
31 October 2013
New York / London – October 31, 2013 TriOptima announces that it has launched a UTI (Unique Trade ID) pairing functionality to assist firms preparing for the European trade repository reporting effective February 2014. The service accommodates paper-confirmed trades and foreign exchange (FX) trades without a common match ID.
EMIR trade reporting rules require that trades outstanding during the specified period before the effective date be reported to a trade repository. In order to achieve this backloading, firms must agree UTIs for those trades. TriOptima’s new service enables firms using triResolve to assign a UTI to paper-confirmed OTC derivative trades and FX trades lacking a common match ID.
This new service leverages triResolve’s extensive population of matched trades to centrally generate UTIs where a common match ID does not exist. If one side has already generated a UTI, triResolve will share the UTI with the counterparty. While many OTC derivative trades are electronically confirmed, there is an inventory of paper-confirmed trades or FX trades that will require counterparties agree a UTI for reporting purposes.
“Standard identifiers are essential to realizing the benefits of increased regulatory reporting, and we are delighted to support our subscribers in the key role of assigning and distributing these identifiers,” said Raf Pritchard, CEO of triResolve. “With more than 600 firms using triResolve and a database of over seven million trades, leveraging the triResolve network to facilitate compliance is an efficient and transparent solution. triResolve offers detailed trade information, analytical tools and a communications platform that will support the new reporting requirement.”
TriOptima is the award-winning provider of post trade risk management services and infrastructure for OTC derivatives. Focused on reducing costs, eliminating operational and credit risk, improving counterparty exposure management, and reducing systemic risk, TriOptima offers a range of services: triReduce to reduce swap inventory and counterparty risk; triResolve to reconcile OTC derivative portfolios and manage disputes; triBalance to manage cleared and bilateral counterparty risk; and triQuantify to measure and analyze counterparty risk.
TriOptima, an ICAP Group company, maintains offices in London, New York, Singapore, Stockholm, and Tokyo.
For further information please contact:
Susan Hinko, Global Head of Industry Relations
Tel: + 1 646 744 0410
Candice Adam, Argentus PR
Tel: +44 20 7397 2915